CETO 5 unit #1. Source: Carnegie. License: All rights reserved
Global infrastructure investment company UIL Ltd (LON:UTL) has acquired a 5.07% equity stake in Australian wave energy developer Carnegie Wave Energy Ltd (ASX:CWE), the latter said Monday.
The UK-based closed-end investment company, former Utilico Investments Ltd, bought the 101.33 million shares Renewable Energy Holdings Plc (LON:REH) previously held in Carnegie. As part of the deal, UIL agreed to a voluntary trading escrow, which will prevent the sale of the 5.07% interest over the next 12 months.
Via the transaction, UIL became the second largest shareholder in the wave energy company, according to the statement. Renewable Energy Holdings has now completed the sale of its 25.8% stake in Carnegie, which it started to offload in mid-2012.
Carnegie in April started conducting a wave tank testing programme of its CETO 6 technology design, which will have a rated capacity of 1 MW or four times that of its predecessor, CETO 5.